We’re Offering Free ‘Money Talk’ Sessions as Part of Financial Capability Week 2017
The week is organised as part of the Financial Capability Strategy for the UK. It aims to bring together organisations to improve the collective understanding of the issues different groups of people face, and to build evidence of the most effective ways to tackle these problems.
Over the course of the week, we’re offering free ‘Money Talk’ sessions with a Chartered Financial Planner. These are provided via the phone or as a ‘virtual online’ meeting using a webcam. These sessions are your opportunity to find out anything you ever wanted to know about money and ask any questions you have, for example:
- How does investing work?
- What is a pension and what are the benefits?
- What’s the difference between saving and investing?
- What are the risks if I invest my money?
- Why is it so important to manage my debts?
- How do I create and stick to a household budget?
- How can I plan for my retirement?
- Is there any way of making my money work better for me?
- If something happened to me or my partner, what would happen to us financially?
- How can we make sure that our money goes to the people we want it to after I die?
- If my partner or I need to pay for care in the future, what impact would that have on our wealth?
- …or anything else you want to know about money – there really is no such thing as a silly question!
Unfortunately, levels of financial capability across the UK remain stubbornly low, and millions of people lack the financial resilience to deal with unexpected financial shocks. FinCap Week provides an important opportunity to discuss life events and how collectively, we can support people at risk from uncontrolled levels of debt or suffering from other financial difficulties.
There are some truly shocking statistics when it comes to financial capability in the UK:
- 12 million people aren’t saving enough for their retirement.
- 27 million people don’t have a sufficient savings buffer to allow them to cope with a significant income shock.
- Only half of people with families have any life cover.
- Around four in ten adults do not feel in control of their finances.
- 21 million people don’t have a modest £500 savings buffer to replace a fridge or mend the car.
- 19 million people don’t have an approach to budgeting that they feel works.
- Just four in ten children say they’ve learned about money management at school.
- Around 8 million people have problems with debt – of those, just one in six is seeking help.
- Just 43% of 12-17 year olds say they are confident managing their money.
- Four in ten adults have less than £500 savings to cover an unexpected bill.
- Just one in three people have financial goals and a plan in place to achieve these.